Kuala Lumpur: The Life Insurance Association of Malaysia (LIAM) is working closely with Bank Negara Malaysia (BNM) and the Ministry of Health (MOH) to develop an affordable basic insurance plan to ensure that existing policyholders, especially retirees and lower-income groups, continue to receive adequate coverage.

According to BERNAMA News Agency, LIAM chief executive officer Mark O’Dell stated that the collaboration, which also involves the Malaysian Takaful Association (MTA), aims to make insurance accessible to everyone. He emphasized the importance of creating a basic plan that addresses affordability, particularly in the face of persistent medical inflation. O’Dell shared these insights during a LIAM and Malaysian Life Reinsurance Group (MLRe) event celebrating Hari Raya with charitable homes and stakeholders.

Present at the event were LIAM’s Immediate Past President Raymond Lew and MLRe Chairman Datuk Kamaruddin Taib. O’Dell also advocated for structural reforms in hospital billing, suggesting a shift from the ‘fee-for-service’ model to a Diagnostic Related Group (DRG) pricing system to prevent overcharging.

Meanwhile, Lew announced that LIAM and MLRe donated replica cheques totaling RM25,000 to five welfare homes: Pusat Jagaan Kasih Murni, Taman Keramat; Assalam-Friendly Welfare Organization, Puchong; Noor Manzil Foundation, Puchong; Hiichiikok Foundation, Rainbow Park; and Thangam Ilham Welfare Organization, Pandan Indah. The donations, part of the Cares Life Insurance initiative, will support the provision of daily necessities tailored to each home’s needs.

During the event, 120 children, teenagers, and caregivers from the welfare homes joined the celebration with 16 LIAM member companies.